Just Listed brings you the latest news and information from the Twin Cities-area commercial and residential real estate market and beyond from veteran reporters Jim Buchta and Kristen Leigh Painter.

Superior Plating deal for 500 residential units in NE Mpls. falls through

Posted by: Janet Moore Updated: July 11, 2014 - 11:03 AM

A proposal to build some 500 residential units at the former Superior Plating site in Northeast Minneapolis appears to have collapsed.

In an email to members and others Thursday, P. Victor Grambsch, president of the Nicollet Island – East Bank Neighborhood Association (NIEBNA) said a deal to buy the 5.4 acre site has been terminated.

Grambsch said he had spoke to Eric Anderson of First & University LLC, the owner of the site, that their agreement with Florida-based DLC Residential to buy the site fell through.

The property owner is now seeking a new developer for the site, Grambsch wrote. "Now that the old building has been removed and the pollution largely remediated, the site should draw significantly more interest that it did in is former state," he said.

The Association has been cool to DLC's proposal, saying it should provide more housing density -- at least 700 units.

Jacob Frey, the city council member whose ward includes the Superior Plating site, replied via e-mail that the development shows "why we cannot settle for satisfactory.

"While the previous contract is cancelled, the design did not fully utilize the space, did not produce a 100-year building, and did not fully fit with the neighborhood plan. We can do better! I have spoken with several developers about the parcel, and I am confident that the end result will be a significantly better project," Frey said.

 


 

 

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